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Elon Musk no longer holds the status of the first person in history to reach a net worth of over $1 trillion. The decline in the value of the shares of his companies, SpaceX and Tesla, has caused the American billionaire's fortune to drop to around $957 billion.
According to the Bloomberg Billionaires Index, the loss comes after a turbulent week in the markets, where SpaceX shares suffered strong fluctuations and lost a significant portion of the gains recorded after its debut on the stock exchange.
Musk had made history as the first person to cross the $1 trillion mark, as SpaceX's value rose significantly in the market, temporarily pushing his fortune above $1.1 trillion.
Meanwhile, Tesla has also faced pressure on the stock market. The electric vehicle maker's shares fell nearly 5.8% as investors turned more cautious about the technology sector due to expectations of rising interest rates in the United States.
Despite this decline in wealth, Musk remains the richest person in the world. He is followed on the billionaires list by Amazon founder Jeff Bezos and Google co-founders Larry Page and Sergey Brin.
Analysts estimate that the recent fluctuations do not change Musk's dominant position in the global wealth rankings, but show that even the biggest financial records can change within a few days due to developments in the capital markets.
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